Guides used:
http://blog.alltechrelated.com/2009/08/11/installing-custom-firmware-via-chickhen-on-psp-1000-2000-3000/
http://www.tech-recipes.com/rx/2238/psp_convert_psone_games_psp/

Intro:
We are using a Phat Japanese PSP - 1000 now we need to load Custom Firmware 5.50 GEN-D3

Quick rundown PSP 1000 (Phat)

1. Update your firmware to 5.03 (if you are using newer firmware use a Pandora battery and Magic Memory stick)
2. Run the ChickHEN Tiff eggsplote
3. Install 5.50 Gen-D3

(Next weeks show will be on getting CFW on PSP 3000's)

Ripping PSP Games and converting to Eboots

1. Download, install and run "Magic ISO"
2. Use "Extract Disc" to rip the ISO's of your PSone Games
3. Download, install and run "Simple Popstation GUI"
4. Simply browse to the PSone ISO you made
5. Select where you want to save it to
6. Click "Go..."
7. Copy the Folder made by the Popstaion to MSroot:\PSP\GAME
8. Launch your PSone game just same as any other PSP game

Files needed:

http://www.magiciso.com/tutorials/miso-magicdisc-history.htm
CFW 5.50Gen-D3 http://www.psp-hacks.com/file/1873
ChickHen http://www.psp-hacks.com/2009/05/06/chickhen-homebrew-enabler-r2-released/
Popstation GUI http://www.psp-hacks.com/2007/01/11/simple-popstation-gui-v221-beta/